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a month ago
Thank you for your answer! It was the correct solution. Much appreciated.
a month ago
I need to add a credit card account
a month ago
1 Cheer
Yeah I would do nothing and wait and see what the IRS debits your account. The penalty is an estimated amount anyway. The IRS can adjust it and send you a bill for more or a refund.
a month ago
I have found that some data not transferred correctly. 1) Interest on state and local obligations other than Delaware. Comes in as a dollar value but the wrong dollar value. Have checked the fe...
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I have found that some data not transferred correctly. 1) Interest on state and local obligations other than Delaware. Comes in as a dollar value but the wrong dollar value. Have checked the fed entry and it correct. Have checked the DE form and the value is not correct. I have removed the state return and gone through the transfer process afresh, reentering the data and the issue remains. I have calculated the amount for ONLY DE obligations (thinking I misunderstand the stepwise instruction) but that doesn't match either. I am unable to over write the amount on the PTI-RES form Section A, line 2, column B. 2) State tax refund was incorrect. But after removing the state return, execute the transfer process, reentering the data (the error remained). Then I executed the state checking process and returned to the state refund section and the correct data was in place. Any ideas on next steps??? I so hope it's an error on my part that can be easily addressed. 🙂 Thanks in advance for your help!
a month ago
Those instructions don't actually work! I selected "All official forms required for filing" and checked only my "2025 Virginia Tax Return." The filing instructions are "Electronic Filing Instructions...
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Those instructions don't actually work! I selected "All official forms required for filing" and checked only my "2025 Virginia Tax Return." The filing instructions are "Electronic Filing Instructions;" it says "Do not mail a paper copy of your tax return. Since you file electronically, the Department of Taxation already has your return." And it doesn't give a mailing address. But I did not file my state return electronically. This is seriously f***ed up.
a month ago
After following the instructions and adding the 2026 1099-R. I still see in TurboTax on the IRA Contribution Results page 'Tax to excess contribution' of $900. How can I remove the $900 tax appli...
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After following the instructions and adding the 2026 1099-R. I still see in TurboTax on the IRA Contribution Results page 'Tax to excess contribution' of $900. How can I remove the $900 tax applied to my excess contribution that I reverted?
a month ago
MAGI part does not apply, my MAGI is more than 1702
a month ago
The safe harbor rule in tax terms allows taxpayers to avoid penalties for underpayment if they meet certain payment criteria, such as: paying at least 90% of their current year's tax paying 10...
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The safe harbor rule in tax terms allows taxpayers to avoid penalties for underpayment if they meet certain payment criteria, such as: paying at least 90% of their current year's tax paying 100% (or 110% for high earners) of the previous year's tax liability It looks like I fall under the second criteria (I paid 100% of my 2024 withholding thru my ex-employer and got a refund at tax time). Just wondering why TurboTax assessed a penalty fee for tax year 2025? Though I already instruct TurboTax to let IRS calculate the penalty fee as instructed by a Level 15 community member.
a month ago
Yes, you can enter the Form 1099-R now. To enter a refund of excess IRA contributions received in 2026 for 2025 contributions on your 2025 return, follow these steps:
Go to the Wages and Inc...
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Yes, you can enter the Form 1099-R now. To enter a refund of excess IRA contributions received in 2026 for 2025 contributions on your 2025 return, follow these steps:
Go to the Wages and Income section of TurboTax
Find the Retirement Plans and Social Security menu
Start or Update IRA, 401(k), Pension Plan Withdrawals (1099-R)
Choose Add Another 1099-R
Choose I'll type it in myself
Enter your distribution information on the 1099-R template
Enter the distribution amount in box 1 of the substitute 1099-R
Enter the earnings in box 2(a)
Enter code "P" in box 7 (And code "J" if from ROTH IRA)
Choose the year that will be printed on the 1099-R when asked
On the screen that says Do Any of these Situations apply to you? Choose I need to file a substitute Form 1099-R
a month ago
I had this issue a few weeks ago, long story short.......after having a meltdown with a one drive sync issue, etc, I found mine in my recycle bin on my computer. Check there, if you have not yet.
a month ago
The history for your rental house is saved but only in your prior year returns. You'll need to use that history in order to keep it for when you sell it.
Downloading the return required that i...
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The history for your rental house is saved but only in your prior year returns. You'll need to use that history in order to keep it for when you sell it.
Downloading the return required that it be considered completed. So the system gave you the New York return as your free one.
a month ago
I can I file ONLY federal and not state?
Topics:
a month ago
See IRS instructions for 1040 Schedule 1-A on page 110. Says.... The Maximum amount is 6,000 per person. https://www.irs.gov/pub/irs-pdf/i1040gi.pdf
a month ago
The new (2025) TurboTax Desktop program is looping at the state continue. I was told that I needed a File: TTCleanStatesTool.zip to clear the problem with the program.
Topics:
a month ago
1 Cheer
First, delete the original entry, then be sure to finish the section. Next, it's a good idea to remove any background debris before entering it a second time. Be sure to close your return before you ...
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First, delete the original entry, then be sure to finish the section. Next, it's a good idea to remove any background debris before entering it a second time. Be sure to close your return before you move on.
Try clearing the cookies and cache for TurboTax Online. It handles many issues that seem nonsensical on a regular basis with online activity. Watch to be sure you are selecting 'all time' as example. Do not use selections like 'last hour' for those browsers that give you options.
How to clear your cache
Once this is complete open your return and try again.
If you are using TurboTax Desktop, save your return, then at the top select Online, then Check for updates.
Finally, use the steps in the link below to enter your OID without import, select to skip import and I'll type it myself.
Where do I enter my 1099-OID?
@richardR1
a month ago
I can download from another investment firm but my Wells Fargo account through their Wells Fargo Clearing link will not work. It says there is a problem connecting? I am able to see the statements o...
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I can download from another investment firm but my Wells Fargo account through their Wells Fargo Clearing link will not work. It says there is a problem connecting? I am able to see the statements online at the Wells Fargo site, so it seems like a turbo tax connection issue?
Topics:
a month ago
If you figure your NIIT on the basis of the other method "MAGI in excess of the applicable threshold", that should work (because the instructions say to take the lesser of the two methods). Steps:
...
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If you figure your NIIT on the basis of the other method "MAGI in excess of the applicable threshold", that should work (because the instructions say to take the lesser of the two methods). Steps:
Step one, find the AGI number on Line 11a of your 1040
(If you have foreign income you may have to modify it)
Step two, Identify the threshold amount that applies to you in the list below based on your filing status - if you're filing as Single, use $200,000
Step three, Subtract (Your AGI - your threshold amount) = MAGI Above Threshold
Step four, Multiply your MAGI Above Threshold * 0.038
That should be 58.
The Net Investment Income Tax is 3.8% of the lesser of:
Net investment income, or
Modified adjusted gross income (MAGI) that exceeds the applicable threshold amount.
The MAGI thresholds for the NIIT are:
$250,000 for joint returns and surviving spouses,
$125,00 for married taxpayers filing separate returns, and
$200,000 for other taxpayers (single filers and heads of households).
MAGI defined, from the IRS:
MAGI, for purposes of the NIIT, is generally defined as AGI for regular income tax purposes increased by the foreign earned income exclusion (but also adjusted for certain deductions related to the foreign earned income). For individual taxpayers who haven't excluded any foreign earned income, their MAGI is generally the same as their regular AGI.
See also: IRS - Topic no. 559, Net investment income tax
a month ago
1 Cheer
Nothing changed after Line 9 because Form 8606 separates your basis into two different time periods. Even though you made the contribution for 2023, the physical date was in 2024. According to the IR...
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Nothing changed after Line 9 because Form 8606 separates your basis into two different time periods. Even though you made the contribution for 2023, the physical date was in 2024. According to the IRS instructions for Form 8606: Line 1: You report the $6,500 because it was a 2023 contribution. Line 4: You report the $6,500 again because it was physically made in early 2024. Line 5: You subtract Line 4 from Line 3. The Result: Your "Total Basis" (Line 5) for the 2023 calendar year drops to $0 (or whatever it was before you added the $6,500). 2. Why Line 9 and 10 didn't move Line 10 is the "Pro-Rata" fraction. It determines how much of your conversion is tax-free by dividing your Line 5 (Basis) by your total IRA value. Because Line 4 "pulled" your 2024 contribution out of the 2023 calculation, your Line 5 remains at $0. $0 divided by anything is $0. Therefore, Line 10 remains 0.000, and your 2023 conversion remains fully taxable on your 2023 return, like it should 3. Did you misunderstand? Your interpretation that "Line 5 affects Line 10" is 100% correct. The IRS doesn’t allow a cash inflow from 2024 to offset a cash outflow from 2023. Even if the contribution is marked “for 2023,” IRS rules say you didn’t have that “basis” available on the day you completed the 2023 conversion. The good news is, you haven't lost the $6,500 basis! It simply moves to your 2024 Form 8606. On your 2023 Form 8606, Line 14 will show $6,500. When you file your 2024 taxes or amendment, that $6,500 will show up on Line 2 (Total Basis from prior years). It will then be used to make your next distribution or conversion tax-free. How to Fix This If your goal was to have a $0 taxable conversion for 2023, you only have two options: Option A (The Truthful Path): Accept the 2023 tax hit. You will get the $6,500 tax benefit next year (2024) instead. This is the most common result of a "late" backdoor Roth. Option B (Verify the Conversion Date): Double-check your 1099-R. Did the conversion (the move from Traditional to Roth) actually happen in 2023? If the conversion happened in January–March 2024, it doesn't belong on your 2023 return at all. If you remove the 1099-R from 2023, Form 8606 will only show Lines 1, 2, 3, and 14. This records your basis for 2023 and carries it forward to 2024 where the conversion occurred.